Report On Importance Of Marketing Intelligence
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Added on 2020-01-28
Report On Importance Of Marketing Intelligence
Added on 2020-01-28
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MARKETINGINTELLIGENCE
Table of ContentsINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................1AC 1.1, 1.2 Main stages of purchase decision-making process and theories of buyer.........1behaviour in terms of individuals and markets......................................................................1AC 1.3 Factors affect buyer behaviour..................................................................................2AC 1.4 Relationship between brand loyalty, corporate image and repeat purchasing..........3TASK 2......................................................................................................................................4AC 2.1, 2.4 Different types of market research techniques and prepare a marketing plan...4AC 4.1 Evaluation of techniques use to assess customer response.......................................5AC 2.2 Use secondary sources to achieve the research objectives.......................................6AC 4.2, 4.3 Design a customer satisfaction survey...............................................................6AC 2.3 Asses the Validity and reliability of research findings.............................................8TASK 3......................................................................................................................................8AC 3.1 Assessment of market size trends.............................................................................8AC 3.2 Competitive analysis of Google................................................................................9AC 3.3 Opportunities and threats for Google........................................................................9CONCLUSION .......................................................................................................................10REFERENCES.........................................................................................................................11
INTRODUCTIONIn the present age of fierce business competition, marketing plays a major role in theorganizational success. Marketing intelligence is the process of gathering market informationand analyse them to take better business decisions. Marketing manager has the responsibilityto collect required market related information about the company and use them in thedecision making process. It helps to make analysis of external business environment such ascompetitors, customers and market behaviour. The present project report aims atunderstanding the importance of market intelligence in the company's growth. Further, it alsohelps to understand the purchase decision making process and the contribution of marketresearch techniques towards making effective marketing plans. TASK 1AC 1.1, 1.2 Main stages of purchase decision-making process and theories of buyerBehaviour in terms of individuals and marketsPurchase decision-making process: It consists of various stages that are explainedhere under: Figure 1: Decision making process(Source: Consumer Decision Making Process for your Product/service, n.d.)1 | P a g e
Recognising the customer needs: The first step is to identify consumer’s needs whichhave to be satisfied. It includes functional need, social need and changing need. Functionalneed refers to the product’s features and functions while social need refers to the integrationand belongingness need. While, changing need relates to the customer’s desires to makesome sort of changes in the products and services. Searching information: At this stage, consumers search for the available products orservices that contribute to fulfil their needs (Sharda, Delen and Turban, 2013). Previouscustomer experience helps to seek internal information, while external information can begathered from friends, family, other consumer’s reviews and business sources such asadvertisement.Alternative evaluation: Once the information has been collected, then users makeevaluation of it and determine the most suitable alternative that fulfils their desires in anappropriate manner. They compare the product’s prices, quality and other factors in order toevaluate that product.Selection of the alternative: After identifying the most suitable alternative, customersmake use of it to accomplish their wants (Flekel, 2013). Purchase decision may be based onthe historical experiences and other favourable factors.Post purchase behaviour: Once, the decision has been taken and users have alsoconsumed the product, then they analyse that in what extent product satisfies theirexpectations (Gracia and Magistris, 2013). If, product provides high satisfactory results tothem then their purchase decision will be considered good and creates product brand image.Theories of buying behaviour: Different individuals need different products andservices with different characteristics, this behaviour is known as buyer behaviour.Generic theory: Under the generic business model, buyers recognise their needs,wants as well as desires and fulfil those needs through taking effective buying decisions.Initially, people determine their desires, search market information, evaluate various existedproducts with their needs and select the best among them. They investigate the availableproducts to accomplish their desires and after that, appropriate purchase decisions will betake though making proper analysis (Challagalla, Murtha and Jaworski, 2014). It can be donethrough analysing the product’s features, characteristics, prices, quality and other factors.According to the theory, post purchase behaviour also gains significant importance under thebuying behaviour. It refers to the consumer’s feeling after using the product; if it satisfiestheir desires then consumer will be more likely to purchase the product in future. 2 | P a g e
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